GameStop proposes to buy eBay for $125 per share, half cash and half stock, valued near $55.5 billion

In a letter dated May 3, 2026 and disclosed in an 8-K filed May 4, GameStop proposed a non-binding deal to acquire all eBay shares it does not already own at $125 each, paid half in cash and half in GameStop stock. The offer values eBay's undiluted equity at about $55.5 billion and is a 46% premium to eBay's unaffected price on February 4, 2026. GameStop said it would fund the cash from its balance sheet and up to $20 billion of third-party financing, with Ryan Cohen leading the combined company.

• $125.00 per share: 50% cash and 50% GameStop common stock, with shareholders able to elect the form subject to proration
• Aggregate undiluted equity value about $55.5 billion
• Premiums: 46% to the February 4, 2026 unaffected close, 27% to the 30-day VWAP and 36% to the 90-day VWAP
• Cash sources: about $9.4 billion of cash and liquid investments at January 31, 2026, plus a TD Securities letter for up to $20 billion
• Claims about $2 billion of annual cost cuts within 12 months of closing; Cohen would take no salary, cash bonus or golden parachute